As I mentioned last week, June marks National Homeownership Month, which recognizes the value of homeownership and its positive impact on families, communities and our nation’s economy. Last week, I focused on how homeownership can benefit you and your family by increasing your equity over time. This week, I’m going to explore how owning a home is an investment in your community.
Regardless of whether there are school-aged children in your household, when you purchase a home, you pay property taxes. Guess what some of those taxes go toward? You guessed it – public schools.
Some might say, “Why should I care?” Either they don’t have kids in school or choose to homeschool or invest in private education. Homeowners care because there’s a direct correlation between property values and the quality of public schools. Purchasing a home means you’ll pay property taxes, which means you’re helping to fund the education of the future.
In the National Association of Realtor’s most recent Profile of Home Buyers and Sellers, 52% had children under 18 in the home. Yet, 22% said the convenience to schools was an influencing factor when selecting a neighborhood.
It’s clear the quality of and distance from schools is a determining factor for purchase and/or resale considerations. Buying a home is also an investment in the local schools and the education of all children – yours or those in your community.
Another way homeownership is an investment in the community is the way it supports the local economy. Whether you purchase new construction or a home you plan to remodel, sooner or later, your home purchase or your remodeling project is money you’re spending in the local economy.
Think about all that goes into building a home – lumber, paint, drywall, labor, roof singles, landscaping and more. Then there’s the ongoing maintenance – appliances, lawncare, plumbing and electrical. On top of that are interior décor and household goods – window blinds, carpet and furniture.
All these items to build, maintain and improve your home are investments in local suppliers and workers to provide goods and services. When you buy a home, your investment in yourself is also providing jobs and stimulating your local economy.
Are you ready to take the step toward homeownership and the related investment in your community? Contact a Realtor. We have the tools and professional knowledge to help you walk this path. Realtors are here to be your housing resource. That’s who we R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of 300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.